Rutland sells Laidlaw division Tufwell Glass

Alice Murray
23 April 2014

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Chelverton Asset Management, a high-net-worth syndicate, has acquired Tufwell Glass from Rutland Partners-backed Laidlaw Interiors Group.

Chelverton raised £1.2m of equity from its investor club and invested alongside trade partner Brownhills Glass.

Chelverton was introduced to the deal by BDO, which was hired by Laidlaw to manage the sale process for glass division Tufwell.

Debt
The deal was supported with debt finance provided by Lloyds Bank and Lloyds Bank Commercial Finance.

Previous investment
Rutland acquired Laidlaw in July 2011 in an all-equity deal worth £24.5m, according to unquote" data. The turnaround investor supported Laidlaw's acquisition of door sets and interior products supplier Timbmet Door Solutions for £7.8m in September 2012.

Company
Crawley-based Tufwell supplies toughened, laminated and mirrored glass for contractors and end-users across London and the south east. The business provided glass for recent installations including the Shard and the Olympic Park.

West Midlands-based Laidlaw supplies architectural ironmongery, door sets, hand rails and balustrading systems to the UK construction market. The company was founded in 1876.

People
Richard Bucknell is an investment director at Chelverton and will join Tufwell's board following the deal.

Advisers
Vendor – Eversheds, Sarah Turner (Legal); BDO, John Stephan (Corporate finance).
Equity – Roxburgh Milkins, Jason Milkins, Bruce Roxburgh (Legal); PwC, Daniel Pettit (Financial due diligence); PwC, Kim Cosslett (Tax).